Conference Session

Engineering Economics New Frontiers

Collection

2015 ASEE Annual Conference & Exposition

Authors

Paul C. Lynch, Pennsylvania State University, University Park; Cynthia Bober, Penn State University; Joseph Wilck, East Carolina University

Tagged Divisions

Engineering Economy

. Page 26.191.1 c American Society for Engineering Education, 2015 An Integrated Approach to Developing Business Expertise in Industrial Engineering StudentsAbstractNow more than ever companies are expecting students graduating from baccalaureateengineering degree programs to have both strong technical problem solving skills and a level ofbusiness expertise. With corporate investment and engineering project funding decisionsbecoming increasingly reliant upon company financial statement and stock price impact, it iscrucial for engineers to have a working knowledge of financial accounting and finance. Thispaper discusses an integrated approach being taken in an industrial engineering

Conference Session

Engineering Economics New Frontiers

Collection

2015 ASEE Annual Conference & Exposition

Authors

Oscar M. Bonilla, Baruch College of the City University of New York; Donald N. Merino P.E., Stevens Institute of Technology (SES)

Tagged Divisions

Engineering Economy

enterprise mission critical and capital projects. His research interests are in the field of engineering management and technology transfer, specifically on the economics and commercialization of renewable energy tech- nologies. His intellectual work has been published in international engineering management and systems engineering journals. His professional experience includes more than 10 years of work on industrial automation, dynamic systems control, reliability, six sigma, lean manufacturing, continuous processes improvement, and project and operations management. He obtained a bachelor degree in automation en- gineering from La Salle University in Colombia, a master’s degree in industrial processes’ automation

Conference Session

Engineering Economics Teaching Tools

Collection

2015 ASEE Annual Conference & Exposition

Authors

Shervin Zoghi, California State University, Fresno

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy

, teamwork-intensive activities, and group projects. Numerous studies show the positive influencecollaborative learning had on promoting higher levels of understanding and stronger retention ofmaterial6. As such, practices have been successfully established in engineering economicscourses. One such course is the University of Pennsylvania’s ESE 400/540 – EngineeringEconomics course. In conjunction with the aforementioned studies and ABET requirements, ESE400/540 mandates that the expected outcome is to “be able to work effectively in teams of 4 or 5to perform case study analyses and to present findings in written reports and verbalpresentations” [ABET Program Outcome D]. The professor integrated this by assigning teamcase study projects, whereby

Conference Session

Curricula Innovations in Engineering Economics

Collection

2015 ASEE Annual Conference & Exposition

Authors

Paul J. Kauffmann P.E., East Carolina University; Joseph Wilck, East Carolina University; Paul C. Lynch, Pennsylvania State University, University Park

Tagged Divisions

Engineering Economy

able to determine what type of students we had relative to intelligence belief6,we focused on the results of Kunh and Rundle-Thiel11 to assure our various course sectionsconformed as much as possible to the concept of constructive alignment. Consequently, thecourse material was organized based on identification of a set of common learning objectives Page 26.378.3contained in Table 1 and a common set of test questions, coupled with a shared student survey.A common rubric and project assignment was used to evaluate the first objective. Objectives 2-8had an exam question which was assessed using a common 1-4 point rubric / scoring system

Conference Session

Engineering Economics New Frontiers

Collection

2015 ASEE Annual Conference & Exposition

Authors

Zia A. Yamayee, University of Portland; Mojtaba B. Takallou P.E., University of Portland; Robert J. Albright P.E., University of Portland

Tagged Divisions

Engineering Economy

Paper ID #11243Engineering Economics as a Benchmark Course in the Context of a Sustain-able Continuous Improvement ProcessDr. Zia A. Yamayee, University of Portland Dr. Yamayee’s current professional interests include outcomes assessment in engineering education; de- sign in engineering education; engineering design methodologies; and application of design methods to electric power distribution, transmission, and generation. Dr. Yamayee’s work to date has included projects in power system planning, maintenance scheduling, hydro-thermal simulations, unit commit- ment, operational and financial impacts of integrating new

Conference Session

Curricula Innovations in Engineering Economics

Collection

2015 ASEE Annual Conference & Exposition

Authors

Weihang Zhu, Lamar University; Alberto Marquez P.E., Lamar University; Julia Yoo

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy

the E-book and use the calculatorand interest tables to help themselves. This app has been developed for both Apple iOS andGoogle Android platforms, and they have been released in the Google Play and Apple App Store.The cross-platform app development allows easy deployment to multiple mobile platforms. Thisapp is intended to give students more opportunity to learn and practice concepts of EngineeringEconomics whenever and where they want using their mobile devices.* Acknowledgment: This project is partially supported by a grant from the National ScienceFoundation DUE-1140457 to Lamar University. Page 26.541.2 1. Introduction Engineering

Conference Session

Curricula Innovations in Engineering Economics

Collection

2015 ASEE Annual Conference & Exposition

Authors

Gloria Margarita Fragoso-Diaz, Tarleton State University; Billy Gray, Tarleton State University; Erick Jones, University of Texas, Arlington

Tagged Divisions

Engineering Economy

State University (TSU) were asked to participate in a mass casualty simulation. Becauseof the courses we teach, the Engineering Technology Department was interested in thesimulation and in performing a cost analysis of the simulation. In this particular simulation, thestudents evaluated the likelihood of different types of injuries that would occur and costsassociated with the different types of treatments. What we found was that the students had a hardtime understanding how they could account for the different types of injuries and costs. Thiscaused this part of the project to be protracted while the students were retaught materials theywere presumed to have already known.As stated before, cost analysis is an important element of engineering

Conference Session

Engineering Economics New Frontiers

Collection

2015 ASEE Annual Conference & Exposition

Authors

Hector E. Medina, Liberty University; Kyle Michael Ceffaratti, Liberty University

Tagged Divisions

Engineering Economy

-cost ratio analysis is widely accepted as thepreferred method to evaluate and fund public sector projects. This introduction is meant toprovide a brief context of both facts.Visual Learning Preference among Engineering StudentsIt has been widely accepted that engineering students prefer visual methods to perceive and,then, better process information1,2,3. In fact, it has been reported that visual aids can improvelearning by up to 400%.4 Also, published literature reports that as much as 65% of the generalpopulation of the world are visual learners5. By visual, it is not only meant actual graphics, butalso descriptions or analogies that can be easily pictured or imagined. According to Jonassen andGrabowski6, visual learners prefer graphs

Conference Session

Engineering Economics Teaching Tools

Collection

2015 ASEE Annual Conference & Exposition

Authors

Ted Eschenbach P.E., University of Alaska Anchorage; Neal A Lewis, University of Bridgeport

Tagged Divisions

Engineering Economy

qualitatively extended to the selection ofengineering projects. Nevertheless, such a presentation fails a common engineering test, “Howam I going to use this?”We suggest that the important role of diversification in reducing risk merits coverage inengineering economy courses. Students should consider this in planning their investments forretirement, home purchases, and educating their children. Firms should consider this in selectingprojects for investments. Governments should consider this when promoting economicdevelopment.The material presented here was developed to achieve better results in both our engineering andbusiness classrooms. This paper is a text version of what we presented to students for the first

Conference Session

Engineering Economics Teaching Tools

Collection

2015 ASEE Annual Conference & Exposition

Authors

Jerome P. Lavelle, North Carolina State University; Matthew T. Stimpson, North Carolina State University; E. Downey Brill, North Carolina State University

Tagged Divisions

Engineering Economy

Paper ID #11345Evolution of a Flipped Engineering Economy CourseDr. Jerome P. Lavelle, North Carolina State University Jerome P. Lavelle is Associate Dean of Academic Affairs in the College of Engineering at North Carolina State University. His teaching and research interests are in the areas of engineering economic analysis, decision analysis, project management, leadership, engineering management and engineering education.Dr. Matthew T. Stimpson, North Carolina State UniversityDr. E. Downey Brill, North Carolina State University Professor of Civil and Environmental Engineering, NCState

Conference Session

Engineering Economics New Frontiers

Collection

2015 ASEE Annual Conference & Exposition

Authors

Simon Thomas Ghanat P.E., The Citadel; Kenneth Brannan, The Citadel; Ronald W. Welch, The Citadel; Kevin C Bower P.E., The Citadel

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy

Page 26.377.6learners with the conceptual information, the verbal learners with explanations and derivations offormulas, and the sequential learners with the logical flow of engineering economy topics. Forthe global learners, the presented material was always linked to previous and future material inthe course and  to  the  students’  personal  experiences. Following the mini lecture, hands-on smallgroup problem solving was employed to assist both the active and sensing learners with theengineering economy concepts. The time value of money concept was applied to both real-lifeengineering projects and  student’s  personal  finance  decisions such as student loans, car loans,credit cards, etc. Daily quizzes (individual and team) were

Conference Session

Curricula Innovations in Engineering Economics

Collection

2015 ASEE Annual Conference & Exposition

Authors

Letitia M. Pohl, University of Arkansas; Shelly Walters, University of Arkansas

Tagged Divisions

Engineering Economy

FIPSE (Fund for the Improvement of Postsecondary Education)grant project in 2003 to develop a process to ensure quality and continuous improvement in Page 26.979.4online learning. The QM rubric is derived from best practices in instructional design andresearch.6 The review process is a faculty peer-review process centered on providingconstructive feedback on the design of a course, not the delivery. Table 2: Conclusions from a 2014 Empirical Study of Four MOOC Courses5 Video Production Recommendations - Shorter videos are more engaging – recommend chunks of less than 6 minutes o Shorter videos are higher quality - Talking